India's steel production rises significantly in October

Steel production jumped 14 percent to 8.25 million tonnes last month from a year earlier, the largest gain since August 2015. Imports were down 55 percent to 538,000 tons and consumption was down 1.4 percent to 7.11 million tons, according to the steel ministry.

India is aiming to become the second largest steel producer and top mills such as JSW Steel Ltd. and Steel Authority India Ltd. set their sights on a record output for the current Indian year by the end of March amid expectations that government spending on infrastructure would boost demand. The slowdown in imports was helped by the restriction of flows from China and elsewhere, which also contributed to higher product prices and profits for local producers.

Exports rose 95 percent to 536,000 tons in October from a year earlier, according to preliminary data from the ministry, and overseas sales have compensated for lagging domestic consumption. From April to October, production rose 10 percent to 57.5 million tons, while consumption advanced 2.8 percent to 48.1 million tons, the statement said.

Imports fell 40 percent in seven months to 4.14 million tons after the government imposed anti-dumping duties on many products and imposed a floor price on inbound purchases. Metallurgical stocks continue to rise.